Shares of Philip Morris International Inc. slipped nearly 2% after the company reported second-quarter earnings that came in below expectations. Philip Morris reported net earnings of $1.78 billion, or $1.15 per share for the quarter, compared with $1.88 billion, or $1.21 per share during the same period a year ago. The FactSet consensus on earnings was $1.20 per share. Net revenue hit $19.04 billion during the quarter, compared with $18.76 billion a year earlier. Excluding excise taxes, revenue was $6.65 billion, compared with $6.86 billion during the year earlier. The FactSet revenue consensus was $6.77 billion. Chief Executive Andre Calantzopoulos said in a statement he expects growth to take place mainly in the second half of the year. "Our cigarette shipment volume was particularly impacted by declines in low-margin geographies," Calantzopoulos said. "Nevertheless, we remain fully on track to deliver our full-year guidance." The company expects full-year earnings to be in the range of $4.45 to $4.55 per share. Shares of Philip Morris are up more than 17% in the year to date, outperforming the S&P 500 Index, which is up 6% in the year.
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